Res ipsa loquitur. Note that, while Greece is #3, Spain isn’t even in the top 10, while California is.
Short version: following earlier commotion over noises that it would downgrade US debt from AAA, Moody’s now clarifies what would make it issue such a rating change:
For the U.S., debt service of 18%-20% of federal revenue is the outer limit of AAA-territory, Moody’s managing director Pierre Cailleteau confirmed in an e-mail.
Under the Obama budget, interest would top 18% of revenue in 2018 and 20% in 2020, CBO projects.
But under more adverse scenarios than the CBO considered, including higher interest rates, Moody’s projects that debt service could hit 22.4% of revenue by 2013.”